Platinum Group Metals Mining News

Prefeasibilty study predicts 3 year payback for Ring of Fire project

TSX V-quoted Noront Resources on Tuesday published the results of a prefeasibility study into its Eagles Nest nickel-copper-platinum project in Ontario’s Ring of Fire, outlining a $734-million capital investment for a one-million ton a year mine.

Aquarius Platinum still in talks over Mimosa operation

The platinum miner said Monday it was still in talks with the Zimbabwean capital over a key deadline after its indigenization plan was rejected last week.

Zimbabwe gives mines 14-day deadline to hand over majority

Zimbabwe's government has given foreign companies including miners and banks a 14-day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits, state media reported on Friday. However, immediately thereafter the country's central bank governor Gideon Gono launched a scathing attack on the minister responsible for the indigenization policy saying the threats “could irreparably harm the nerve-centre of the recovering economy.” Before a new unity government in 2009 Zimbabwe economy had shrank by as much as half over the preceding decade amid hyperinflation, property seizures and civil unrest. The country is the number two platinum producer in the world and rich in gold and diamonds.

Analysis: Investor frostiness to palladium will thaw

The darkening economic outlook this month has sent investors out of the palladium market in droves, but the coming months of uncertainty are likely to be more of a cooling-off period than an end to their romance with last year's star performer.

NUM says Implats wage offer too low

JOHANNESBURG (miningweekly.com) Wage negotiations between the National Union of Mineworkers (NUM) and the world's second-largest platinum miner Impala Platinum (Implats) broke down on Friday. NUM spokesperson Lesiba Seshoka told Mining Weekly Online that

Zimbabwe gives foreign firms empowerment ultimatum

Zimbabwe's government has given foreign firms, including mines and banks, a 14-day ultimatum to submit "acceptable" plans on how they propose to transfer majority shares to locals or risk losing permits

South Africa PGMs project moving forward

JSE-listed Wesizwe Platinum’s Frischgewaagd-Ledig platinum-group metals (PGMs) project, in the Western Bushveld Complex, is moving forward with the next step – the start of civil works.

Flotation column manufacturer provides solution for high chrome content in final platinum concentrates

Local flotation column supplier PrepQuip has been commissioned to supply two unique flotation columns equipped with external spargers to South African platinum operations.

Robert Pattinson buys Kristen gold locket

Robert Pattinson has given Kristen Stewart a $40,000 antique gold and platinum locket containing photos of them and a personal inscription in Latin.

Royal Bafokeng plans $1.4 billion platinum expansion

Bloomberg reports the proposed expansion by South Africa's Royal Bafokeng Platinum follows an increase in demand for platinum which has gained 19% in the past 12 months to $1,818/oz. Steve Phiri, RB Platinum CEO said demand is likely to exceed supply in the next three years, while a shortage of palladium, typically mined along with platinum, may rise to 1 million ounces in 2014. South Africa produces more than three-quarters of global supply.

Platmin Limited – Metal sales at record high in second quarter

Platmin Limited announced production results from the Pilanesberg Platinum Mine and financial results for the quarter and half-year endedJune 30, 2011. Sales revenue for the quarter-ended June 30, 2011 was US$34.5 million, an increase of approximately 130% compared with US$15.0 million recorded in the prior corresponding period; and for the half-year ended June 30, 2011 - US$60.5 million, an increase of approximately 80% compared with the prior corresponding period. Sales of 4E PGM ounces for the June 2011 month was 9,258oz or about 110 000oz annualized;

Platmin faces production delays

[miningmx.com] -- THE riots that took place at platinum junior Platmin on June 23 could delay the projected ramp-up to full production from the Pilanesberg Platinum mine (PPM) by three to six months. Previous guidance from Platmin CEO Tom Dale was that

Platinum dreams

Platinum is the most precious metal of them all. How to invest in it?

Silver equally an investment and industrial demand needs: uncover strategies of buying silver

Silver is like 3 other precious metals (gold, palladium, and platinum) in phrases of being thought to be an investment item. In reality, this valuable metal silver continues to be thought to be a type of currency together with a store of worth for over 4 centuries.

Gold Fields net earnings up 15% in the June quarter hitting US$186 million

Gold Fields, one of the world's top five gold producers, announced June quarter earnings that were up 15% to US$186 million, compared with US$158 million in the March quarter. During the same June quarter last year, Gold Fields made US$120 million. The company announced its quarterly results on Wednesday.

North American Palladium Announces Second Quarter 2011 Results

North American Palladium announced financial results and operational updates for the second quarter ended June 30, 2011. Highlights were production of 46,971 ounces of payable palladium at a cash cost1 of US$335 per ounce; realized palladium price of US$751 per ounce, giving an operating margin of US$416 per ounce, and total operating margin of US$20 million for the palladium produced; revenue of $51.4 million; and adjusted EBITDA of $15.4 million.

Aquarius takes $160m Blue Ridge impairment, 'ambles' forward

The ASX- LSE- and JSE-listed platinum miner Aquarius Platinum has taken a $160-million impairment knock on its currency-hit Blue Ridge Platinum Mine.

Aquarius Platinum says core profit rose 40%

The platinum producer said Thursday a strong rand outweighed higher prices for precious metals and, while EBITDA rose to $203.2m for the year, it reported a net loss on the back of a $159.8m impairment charge.

Gold pips platinum on safe-haven demand

In a rare development, gold prices have surpassed usually costlier platinum from the precious metal basket. Abroad, gold is trading at $1,746 per ounce and platinum at $1,732. In the Mumbai market, gold prices on Tuesday went up further by Rs 875 to Rs

As gold dashes past $1,700, $2,000/oz viewed as a possibility

In what is starting to look like a mad dash, the price of gold rose to a new all-time high of $1,770 an once, temporarily passing the price of platinum. Investors are turning to gold as global economic markets are faltering.

Gold pips platinum on safe-haven demand

In a rare development, gold prices have surpassed usually costlier platinum from the precious metal basket.

Mugabe threatens western firms in Heroes Day speech

As the country marked Heroes Day, Robert Mugabe used the occasion to make fresh threats to punish foreign owned companies from Western countries that have imposed targeted sanctions on him and his key ZANU PF officials. The US and European Union slapped the sanctions on Mugabe and his cronies because of human rights abuses.

Using platinum coins to make easy money, FDR would approve

Matthew Yglesias says that the Obama administration may start looking at some unusual tools to reflate the dollar and kickstart the economy, and using two trillion of platinum coins may not be so far fetched.

London platinum/palladium 1400 fix – Aug 8

FIX PREV FIX PLATINUM 1725.00 (1716.00) dlrs PALLADIUM 733.00 ( 730.00) dlrs per troy ounce

Platina Resources Limited (ASX:PGM) received full assay results from Owendale platinum project

Platina Resources Limited (ASX:PGM) is pleased to confirm the receipt of all assay results from its recently completed 4,591 metre RC drilling program at the Owendale Platinum Project, New South Wales. The Owendale Platinum Project is a 100% wholly owned project, which covers the 30 square kilometre Owendale Igneous Complex (OIC). Approximately one-third of the total area of the OIC contains ultramafic rocks that are overlain by a 40 metre thick weathered laterite profile. Drilling by the Company has focused on this laterite profile, where significant enrichment in platinum (predominantly as the alloy isoferroplatinum) has occurred.